UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22137
Oppenheimer Master Loan Fund, LLC
(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)
Arthur S. Gabinet
OFI Global Asset Management, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)
Registrant’s telephone number, including area code: (303) 768-3200
Date of fiscal year end: September 30
Date of reporting period: 3/28/2013
Item 1. Reports to Stockholders.
March 31, 2013
Oppenheimer Master Loan Fund, LLC | Semiannual Report |
SEMIANNUAL REPORT
Listing of Top Holdings
Financial Statements
Portfolio Managers
Margaret Hui, CFA
Joseph Welsh
Shares of Oppenheimer Master Loan Fund, LLC are issued solely in private placement transactions that do not involve any “public offering” within the meaning of Section 4(2) of the Securities Act of 1933 (the “Securities Act”), as amended. Investments in the Fund may only be made by certain “accredited investors” within the meaning of Regulation D under the Securities Act, including other investment companies. This report does not constitute an offer to sell, or the solicitation of an offer to buy, any interests in the Fund.
Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.
2 | OPPENHEIMER MASTER LOAN FUND, LLC |
PERFORMANCE
Cumulative Total Return | ||||
For the 6-Month Period | ||||
Ended 3/28/131 | ||||
4.58% | ||||
Average Annual Total Returns | ||||
For the Periods Ended 3/28/131 | ||||
1-Year | 5-Year | Since Inception (10/31/07) | ||
8.63% | 7.37% | 5.65% |
The Fund’s benchmark, the Credit Suisse Leveraged Loan Index,2 returned 3.93% for the six-month period ended 3/31/13.
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted. Returns do not consider capital gains or income taxes on an individual’s investment. See page 5 for further information.
1. March 28, 2013, was the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through March 31, 2013.
2. The Credit Suisse Leveraged Loan Index is a representative index of tradable, senior secured, U.S. dollar-denominated, non-investment-grade loans. Indices cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund.
3 | OPPENHEIMER MASTER LOAN FUND, LLC |
Top Ten Corporate Loan Industries | ||||
Media | | 11.1 | % | |
Commercial Services & Supplies | | 10.2 | | |
Hotels, Restaurants & Leisure | | 7.0 | | |
Health Care Providers & Services | | 5.5 | | |
Health Care Equipment & Supplies | | 4.7 | | |
Aerospace & Defense | | 4.2 | | |
Diversified Telecommunication Services | | 3.7 | | |
Chemicals | | 3.6 | | |
Auto Components | | 3.4 | | |
Electrical Equipment | 2.8 | |||
Portfolio holdings and allocations are subject to change. Percentages are as of March 28, 2013, and are based on net assets. |
Credit Rating Breakdown | NRSRO Only Total | | ||||
AAA | | 4.7 | % | |||
BBB | | 1.1 | | |||
BB | | 25.5 | | |||
B | | 54.8 | | |||
CCC | | 8.6 | | |||
Unrated | 5.3 | |||||
Total | 100.0 | % | ||||
The percentages above are based on the market value of the Fund’s securities as of March 28, 2013, and are subject to change. Except for securities labeled “Unrated,” and except for certain securities issued or guaranteed by a foreign sovereign, all securities have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as Standard & Poor’s (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest S&P equivalent rating is used. Unrated securities issued or guaranteed by a foreign sovereign are assigned a credit rating equal to the highest NRSRO rating assigned to that foreign sovereign. Fund assets invested in Oppenheimer Institutional Money Market Fund are assigned that fund’s S&P rating, which is currently AAA. For the purposes of this table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories (AAA, AA, A and BBB). Unrated securities do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. Please consult the Fund’s prospectus and Statement of Additional Information for further information. | ||||||
* March 28, 2013 was the last business day of the Fund’s reporting period. See Note 1 of the accompanying Notes to Financial Statements. |
4 | OPPENHEIMER MASTER LOAN FUND, LLC |
NOTES
Shares of Oppenheimer Master Loan Fund, LLC are issued solely in private placement transactions that do not involve any “public offering” within the meaning of Section 4(2) of the Securities Act of 1933 (the “Securities Act”), as amended. Investments in the Fund may only be made by certain “accredited investors” within the meaning of Regulation D under the Securities Act, including other investment companies. This report does not constitute an offer to sell, or the solicitation of an offer to buy, any interests in the Fund.
The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.
The Fund commenced operations on 10/31/07.
5 | OPPENHEIMER MASTER LOAN FUND, LLC |
Fund Expenses. As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended March 28, 2013.
Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio, and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
6 | OPPENHEIMER MASTER LOAN FUND, LLC |
Actual | Beginning Account Value October 1, 2012 | Ending Account Value March 28, 2013 | Expenses Paid During 6 Months Ended March 28, 2013 | |||||||||
$ | 1,000.00 | $ | 1,045.80 | $ | 1.71 | |||||||
Hypothetical | ||||||||||||
(5% return before expenses) | ||||||||||||
1,000.00 | 1,022.85 | 1.69 |
Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 179/365 (to reflect the one-half year period). The annualized expense ratio, excluding indirect expenses from affiliated funds, based on the 6-month period ended March 28, 2013 is as follows:
Expense Ratio |
0.34% |
The expense ratio reflects reduction to voluntary waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” table in the Fund’s financial statements, included in this report, also show the gross expense ratio, without such waivers or reimbursements and reduction to custodian expenses, if applicable.
7 | OPPENHEIMER MASTER LOAN FUND, LLC |
STATEMENT OF INVESTMENTS March 28, 2013* / Unaudited
Principal Amount | Value | |||||||
Corporate Loans—97.0% | ||||||||
Consumer Discretionary—29.1% | ||||||||
Auto Components—3.4% | ||||||||
Federal Mogul Corp., Sr. Sec. Credit Facilities Term Loan: | ||||||||
Tranche B, 2.138%, 12/29/141 | $ | 2,106,211 | $ | 1,974,280 | ||||
Tranche C, 2.138%, 12/28/151 | 967,790 | 907,169 | ||||||
FleetPride, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.25%, 11/19/191 | 4,134,638 | 4,194,073 | ||||||
Goodyear Tire & Rubber Co. (The), Sr. Sec. Credit Facilities 2nd Lien Term Loan, 4.75%, 4/30/191 | 9,465,000 | 9,583,237 | ||||||
Metaldyne LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5%, 12/18/181 | 5,326,650 | 5,419,866 | ||||||
Remy International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 2/15/201 | 1,426,425 | 1,431,774 | ||||||
Schaeffler AG, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.25%, 1/27/171 | 6,090,000 | 6,176,277 | ||||||
Sequa Automotive Group, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 11/15/181 | 3,740,625 | 3,781,929 | ||||||
TI Group Auto Systems LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 3/14/191 | 6,000,000 | 6,108,492 | ||||||
Transtar Holding Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 10/9/181 | 1,781,038 | 1,816,658 | ||||||
UCI International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 7/26/171 | 2,450,995 | 2,473,973 | ||||||
43,867,728 | ||||||||
Automobiles—0.0% | ||||||||
Chrysler LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B1, 5.333%, 8/3/132 | 8,704,841 | 43,742 | ||||||
Distributors—1.5% | ||||||||
99 Cents Only Stores, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5.25%, 1/11/191 | 4,030,979 | 4,090,187 | ||||||
Capital Automotive LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 3/11/171 | 2,197,593 | 2,213,044 | ||||||
Cole Haan, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 1/31/201 | 2,920,000 | 2,967,450 | ||||||
Container Store, Inc., Sr. Sec. Credit Facilties 1st Lien Term Loan, Tranche B, 5.50%, 4/6/191 | 1,340,000 | 1,350,050 | ||||||
Sprouts Farmers LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6%-6.904%, 4/18/181 | 8,452,500 | | 8,531,944 | | ||||
19,152,675 | ||||||||
Diversified Consumer Services—1.5% | ||||||||
Audio Visual Services Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.75%, 11/9/181 | 7,685,738 | 7,743,381 | ||||||
Audio Visual Services Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.75%, 5/9/181 | 3,455,000 | 3,446,363 | ||||||
Monitronics International, Inc., Sr. Sec. Credit Facilites 1st Lien Term Loan, Tranche B, 4.25%, 3/23/181 | 3,079,586 | 3,102,202 |
8 | OPPENHEIMER MASTER LOAN FUND, LLC |
Principal Amount | Value | |||||||
Diversified Consumer Services Continued | ||||||||
TransFirst Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25%-7.151%, 12/27/171 | $ | 3,630,900 | $ | 3,696,875 | ||||
TransFirst Holdings, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11%, 6/27/181 | 1,335,000 | | 1,375,050 | | ||||
19,363,871 | ||||||||
Hotels, Restaurants & Leisure—7.0% | ||||||||
24 Hour Fitness Worldwide, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.50%, 4/22/161 | 3,911,500 | 3,954,691 | ||||||
American Seafoods Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.192%-4.25%, 3/18/181 | 6,740,759 | 6,673,351 | ||||||
CCM Merger, Inc./MotorCity Casino, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6%, 3/1/171 | 6,820,902 | 6,895,509 | ||||||
Caesars Entertainment Operating Co., Inc., Extended Sr. Sec. Credit Facilities Term Loan, 4.454%, 1/28/181 | 10,401,906 | 9,546,350 | ||||||
Caesars Entertainment Operating Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B6, 5.454%, 1/28/181 | 3,193,554 | 2,966,811 | ||||||
Corner Investment Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 11%, 11/2/191 | 4,000,000 | 4,060,000 | ||||||
Equinox Holdings, Inc., Sr. Sec. Credit Facilitites 1st Lien Term Loan, 5.50%, 1/31/201 | 2,005,000 | 2,041,340 | ||||||
Focus Brands, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%-7.151%, 2/21/181 | 3,045,741 | 3,099,042 | ||||||
Golden Nugget, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.191%, 6/30/141,3 | 4,308,218 | 4,183,279 | ||||||
Golden Nugget, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, 3.191%, 6/30/141,3 | 2,284,441 | 2,218,192 | ||||||
Golden Nugget, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche 2L, 3.46%, 11/2/141 | 2,528,348 | 2,313,439 | ||||||
Jacobs Entertainment, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25%, 10/29/181 | 3,731,250 | 3,768,563 | ||||||
Landry’s, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 4/24/181 | 6,452,157 | 6,511,453 | ||||||
MGM Resorts International, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 12/20/191 | 3,625,912 | 3,691,310 | ||||||
Peninsula Gaming LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 11/20/171 | 5,047,350 | 5,145,142 | ||||||
Peppermill Casinos, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.25%, 11/9/181 | 2,992,500 | 3,065,442 | ||||||
Pinnacle Operating Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.75%, 11/15/181 | 2,892,944 | 2,929,106 | ||||||
ROC Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5%, 3/31/191 | 2,570,000 | 2,586,063 | ||||||
Revel Entertainment LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 9.125%-9.15%, 2/17/172 | 12,391,291 | 5,906,520 |
9 | OPPENHEIMER MASTER LOAN FUND, LLC |
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
Hotels, Restaurants & Leisure Continued | ||||||||
Rock Ohio Caesars LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 2.25%-8.50%, 8/19/171 | $ | 468,000 | $ | 485,550 | ||||
Town Sports International, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 4/27/181 | 2,572,933 | 2,609,383 | ||||||
U.S. Foodservice, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 3/31/171 | 5,629,215 | | 5,714,514 | | ||||
90,365,050 | ||||||||
Household Durables—1.2% | ||||||||
Party City Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 7/27/191 | 2,252,250 | 2,271,957 | ||||||
Renfro Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 1/30/191 | 3,155,000 | 3,202,325 | ||||||
Sun Products Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 3/15/201 | 5,105,000 | 5,165,622 | ||||||
Wilton Brands, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.50%, 8/30/181 | 4,602,741 | | 4,683,288 | | ||||
15,323,192 | ||||||||
Leisure Equipment & Products—0.8% | ||||||||
Caesars Entertainment Corp. Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.25%, 4/25/171 | 7,070,000 | 7,229,075 | ||||||
Stockbridge/SBE Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 13%, 5/2/171 | 2,930,000 | | 3,186,375 | | ||||
10,415,450 | ||||||||
Media—11.1% | ||||||||
Advanstar Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 2.54%, 6/2/141 | 6,212,823 | 5,573,418 | ||||||
Affinion Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.50%, 10/9/161 | 13,360,567 | 13,085,006 | ||||||
Alpha Media Group, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.05%, 7/15/162,3 | 2,173,247 | 543,312 | ||||||
Barrington Broadcasting LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.50%, 6/14/171 | 3,467,360 | 3,497,698 | ||||||
Cenveo Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 12/21/161 | 498,724 | 501,530 | ||||||
Cinram International, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 0.432%, 12/31/132,3 | 521,671 | 2,611 | ||||||
Clear Channel Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.854%, 1/29/161 | 12,369,306 | 10,993,221 | ||||||
Cogeco Cable, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 12/2/191 | 2,069,588 | 2,104,512 | ||||||
DG FastChannel, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.25%, 7/26/181 | 5,313,207 | 5,263,396 | ||||||
FoxCo Acquisition Sub LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 7/14/171 | 6,767,444 | 6,899,971 |
10 | OPPENHEIMER MASTER LOAN FUND, LLC |
Principal Amount | Value | |||||||
Media Continued | ||||||||
Getty Images, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 10/18/191 | $ | 6,284,250 | $ | 6,386,928 | ||||
Granite Broadcasting Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 9.37%, 5/23/181 | 3,746,638 | 3,784,104 | ||||||
Gray Television, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, 4.75%, 10/12/191 | 2,063,333 | 2,096,863 | ||||||
Hubbard Broadcasting, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 4/28/171 | 660,000 | 672,375 | ||||||
Instant Web, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.579%, 8/7/141 | 651,969 | 475,937 | ||||||
Instant Web, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, Tranche B, 3.579%, 8/7/141 | 56,841 | 41,494 | ||||||
Intelsat Jackson Holdings, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4.50%, 4/2/181 | 4,570,000 | 4,647,119 | ||||||
McGraw-Hill Global Education Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 9%, 3/15/191 | 3,675,000 | 3,564,750 | ||||||
Mediacom Communications Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche E, 4.50%, 10/23/171 | 2,356,442 | 2,378,044 | ||||||
Mediacom Communications Corp./MCC Georgia LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche FA, 4.50%, 10/23/171 | 3,815,192 | 3,854,935 | ||||||
Mood Media Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7%, 5/6/181 | 2,431,056 | 2,443,211 | ||||||
NEP Broadcasting LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 1/22/201 | 648,375 | 655,669 | ||||||
OneLink Communications/San Juan Cable LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6%, 6/9/171 | 7,435,725 | 7,584,440 | ||||||
RCN Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%-6.50%, 3/1/201 | 2,692,887 | 2,721,499 | ||||||
Radio One, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.50%, 3/31/161 | 2,361,011 | 2,426,307 | ||||||
Salem Communications Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 3/15/201 | 2,380,000 | 2,415,700 | ||||||
Telesat Canada, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 3.50%, 3/28/191 | 540,000 | 544,725 | ||||||
Univision Communications, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.454%, 3/31/171 | 7,333,363 | 7,379,724 | ||||||
Univision Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.75%, 3/1/201 | 8,000,000 | 8,057,000 | ||||||
Village Roadshow Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 11/21/171 | 1,500,000 | 1,518,750 | ||||||
WaveDivision Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4%, 10/12/191 | 7,082,250 | 7,162,125 | ||||||
Wide Open West Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 12/31/191 | 10,680,000 | 10,793,475 |
11 | OPPENHEIMER MASTER LOAN FUND, LLC |
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
Media Continued | ||||||||
Wide Open West Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25%, 7/17/181 | $ | 12,891,103 | $ | 13,071,579 | | |||
143,141,428 | ||||||||
Multiline Retail—0.4% | ||||||||
Neiman Marcus Group, Inc., Sec. Credit Facilities 1st Lien Term Loan, 4%, 5/16/181 | 4,745,000 | 4,767,539 | ||||||
Specialty Retail—1.8% | ||||||||
Burlington Coat Factory Investments Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 2/23/171 | 5,502,269 | 5,582,222 | ||||||
Harbor Freight Tools USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 11/14/171 | 5,441,728 | 5,516,552 | ||||||
J. Crew Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4%, 3/7/181 | 2,609,180 | 2,642,447 | ||||||
Jo-Ann Stores, Inc., Sr. Sec Credit Facilities 1st Lien Term Loan, Tranche B, 4%, 3/16/181 | 4,452,185 | 4,493,368 | ||||||
Leslie’s Poolmart, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 2%-5.25%, 10/16/191 | 3,700,706 | 3,760,842 | ||||||
Toys R Us Delaware, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6%, 9/1/161 | 1,567,730 | | 1,538,727 | | ||||
23,534,158 | ||||||||
Textiles, Apparel & Luxury Goods—0.4% | ||||||||
Freedom Group, Inc., Sr. Sec Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 4/19/191 | 2,720,719 | 2,737,766 | ||||||
Visant Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.25%, 12/22/161 | 3,295,000 | | 3,203,702 | | ||||
5,941,468 | ||||||||
Consumer Staples—4.4% | ||||||||
Beverages—0.9% | ||||||||
Ferrara Candy Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.50%-8.384%, 6/18/181 | 11,612,250 | 11,873,526 | ||||||
Food & Staples Retailing—2.3% | ||||||||
Albertsons LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.75%, 2/20/161 | 5,625,000 | 5,727,960 | ||||||
BJ’S Wholesale Club, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 9/26/191 | 2,793,001 | 2,822,676 | ||||||
BJ’S Wholesale Club, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.75%, 3/26/201 | 1,315,000 | 1,368,422 | ||||||
Fairway Group Acquisition, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.75%, 8/17/181 | 4,036,434 | 4,094,457 | ||||||
Rite Aid Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche 1, 5.75%, 8/21/201 | 2,436,000 | 2,529,379 | ||||||
Roundy’s Supermarkets, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.671%-5.75%, 2/13/191 | 49,965 | 49,934 |
12 | OPPENHEIMER MASTER LOAN FUND, LLC |
Principal Amount | Value | |||||||
Food & Staples Retailing Continued | ||||||||
SUPERVALU, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 3/21/191 | $ | 2,260,000 | $ | 2,302,576 | ||||
Smart & Final, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.75%, 11/15/191 | 6,927,638 | 7,027,222 | ||||||
Smart & Final, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.50%, 11/15/201 | 3,100,000 | | 3,208,500 | | ||||
29,131,126 | ||||||||
Food Products—0.6% | ||||||||
Advancepierre Foods, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 7/10/171 | 3,276,788 | 3,330,035 | ||||||
Advancepierre Foods, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.50%, 10/10/171 | 1,250,000 | 1,296,875 | ||||||
Hostess Brands, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.75%, 12/31/201 | 3,200,000 | | 3,272,000 | | ||||
7,898,910 | ||||||||
Household Products—0.2% | ||||||||
Spectrum Brands Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%-5.425%, 12/17/191 | 1,815,450 | 1,840,664 | ||||||
Personal Products—0.4% | ||||||||
Levlad LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 9.863%, 3/5/151,3 | 998,920 | 973,947 | ||||||
Prestige Brands, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 3.75%, 1/31/191 | 2,103,636 | 2,135,191 | ||||||
Revlon, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4%, 11/19/171 | 2,411,336 | | 2,425,791 | | ||||
5,534,929 | ||||||||
Energy—3.8% | ||||||||
Energy Equipment & Services—2.6% | ||||||||
Buffalo Gulf Coast Terminals, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.25%, 10/31/171 | 3,667,079 | 3,749,588 | ||||||
Chesapeake Energy Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.75%, 12/2/171 | 2,705,000 | 2,793,397 | ||||||
Frac Tech International LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8.50%, 5/6/161 | 5,333,393 | 5,082,280 | ||||||
NFR Energy LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.75%, 12/31/181 | 2,930,000 | 3,021,563 | ||||||
Offshore Group Investment Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 3/28/191 | 4,390,000 | 4,422,925 | ||||||
Saxon Enterprises LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 12/31/191 | 2,080,000 | 2,097,160 | ||||||
Sheridan Production Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5%, 10/1/191 | 9,510,268 | 9,668,775 | ||||||
Vantage Drilling Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 10/25/171 | 2,702,848 | | 2,729,733 | | ||||
33,565,421 |
13 | OPPENHEIMER MASTER LOAN FUND, LLC |
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
Oil, Gas & Consumable Fuels—1.2% | ||||||||
ATP Oil & Gas Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession, Tranche NM, 13.173%, 2/23/141 | $ | 163,307 | $ | 115,675 | ||||
ATP Oil & Gas Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession, Delayed Draw, 13.173%, 3/3/141 | 2,467,488 | 1,747,803 | ||||||
ATP Oil & Gas Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession, 13.173%, 2/23/141 | 1,155,654 | 818,588 | ||||||
ATP Oil & Gas Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession, 4.25%-13.173%, 5/31/131 | 718,349 | 508,830 | ||||||
NGPL PipeCo LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.75%, 9/15/171 | 4,204,107 | 4,270,671 | ||||||
Ruby Western Pipeline Holdings, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.50%, 3/31/201 | 1,860,000 | 1,885,575 | ||||||
Samson Investment Co., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 6%, 9/25/181 | 2,965,000 | 3,007,993 | ||||||
Tallgrass Operations LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 11/13/181 | 2,683,275 | | 2,732,467 | | ||||
15,087,602 | ||||||||
Financials—3.2% | ||||||||
Capital Markets—1.9% | ||||||||
American Capital Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 8/22/161 | 2,600,000 | 2,645,500 | ||||||
Duff & Phelps LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 7/31/201 | 860,000 | 870,213 | ||||||
Nuveen Investments, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.204%, 5/13/171 | 6,076,994 | 6,194,736 | ||||||
Nuveen Investments, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.204%, 5/13/171 | 1,400,000 | 1,427,125 | ||||||
Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 2/28/191 | 3,840,000 | 3,964,800 | ||||||
Springleaf Financial Funding Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 5/10/171 | 5,405,000 | 5,449,759 | ||||||
Walter Investment Management Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 11/28/171 | 4,034,587 | | 4,112,253 | | ||||
24,664,386 | ||||||||
Consumer Finance—0.3% | ||||||||
Fly Leasing Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.75%, 8/8/181 | 4,086,522 | 4,142,712 | ||||||
Diversified Financial Services—0.2% | ||||||||
Altisource Portfolio Solutions, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.75%, 11/27/191 | 2,244,375 | 2,286,457 | ||||||
Insurance—0.8% | ||||||||
Flying Fortress, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5%, 6/30/171 | 4,285,000 | 4,311,781 |
14 | OPPENHEIMER MASTER LOAN FUND, LLC |
Principal Amount | Value | |||||||
Insurance Continued | ||||||||
Swett & Crawford Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 2.426%, 4/3/141 | $ | 5,425,258 | $ | 5,411,695 | | |||
9,723,476 | ||||||||
Real Estate Management & Development—0.0% | ||||||||
Realogy Corp., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.202%, 10/10/131 | 524,602 | 532,636 | ||||||
Health Care—11.1% | ||||||||
Health Care Equipment & Supplies—4.7% | ||||||||
Alere, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 4.25%-5.178%, 6/30/171 | 1,935,000 | 1,953,543 | ||||||
Tranche B2, 4.25%-5.178%, 6/30/171 | 233,500 | 235,762 | ||||||
Axcan Intermediate Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, Tranche B, 5.50%, 2/10/171 | 2,564,006 | 2,589,646 | ||||||
BSN Medical GmbH & Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5%, 8/28/191 | 3,825,000 | 3,869,626 | ||||||
Bausch & Lomb, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 5/17/191 | 5,547,125 | 5,607,034 | ||||||
Carestream Health, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5%, 2/25/171 | 7,376,644 | 7,420,115 | ||||||
Convatec Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5%, 12/22/161 | 4,580,607 | 4,662,201 | ||||||
DJO Finance LLC/DJO Finance Corp., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 11/1/161 | 2,971,660 | 3,013,263 | ||||||
DJO Finance LLC/DJO Finance Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 9/15/171 | 2,351,541 | 2,390,342 | ||||||
Emdeon, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5%, 11/2/181 | 1,336,499 | 1,356,131 | ||||||
Golden Gate National Senior Care LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5%, 5/4/181 | 5,830,745 | 5,652,178 | ||||||
HCR ManorCare, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5%, 4/6/181 | 3,758,589 | 3,674,020 | ||||||
IASIS Healthcare LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.50%, 5/3/181 | 3,239,843 | 3,289,454 | ||||||
Kinetic Concepts, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C1, 5.50%, 5/4/181 | 463,835 | 472,821 | ||||||
LHP Hospital Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9%, 7/3/181 | 1,213,500 | 1,245,354 | ||||||
National Mentor Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 6.50%, 2/9/171 | 10,109,662 | 10,242,351 | ||||||
Sage Prodcuts Holdings III LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 12/13/191 | 2,925,000 | 2,955,166 | ||||||
United Surgical Partners International, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.904%, 4/3/191 | 606,950 | | 613,399 | | ||||
61,242,406 |
15 | OPPENHEIMER MASTER LOAN FUND, LLC |
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
Health Care Providers & Services—5.5% | ||||||||
American Renal Holdings, Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, Tranche B, 4.50%, 12/31/191 | $ | 3,510,000 | $ | 3,525,356 | ||||
Ardent Medical Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.75%, 7/2/181 | 11,770,500 | 11,991,197 | ||||||
Ardent Medical Services, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11%, 1/2/191 | 500,000 | 512,500 | ||||||
Aveta, Inc./MMM Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.75%, 12/12/171 | 2,732,632 | 2,749,711 | ||||||
CHG Buyer Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5%, 11/19/191 | 1,213,978 | 1,231,428 | ||||||
Emergency Medical Services Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4%-5.25%, 5/25/181 | 7,111,537 | 7,154,207 | ||||||
Genesis Healthcare Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 10%-10.603%, 12/4/171 | 3,183,910 | 3,191,870 | ||||||
Gentiva Health Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 6.50%, 8/17/161 | 5,180,475 | 5,225,804 | ||||||
Kindred Healthcare, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.25%, 6/1/181 | 5,070,398 | 5,124,271 | ||||||
MSO of Puerto Rico, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 9.75%, 12/12/171 | 1,987,368 | 1,999,789 | ||||||
Multiplan, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4%, 8/26/171 | 6,448,872 | 6,530,289 | ||||||
Quintiles Transnational, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.50%, 6/8/181 | 2,019,004 | 2,054,337 | ||||||
Select Medical Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%-5.918%, 6/1/181 | 8,939,602 | 9,028,944 | ||||||
US Renal Care, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25%, 7/3/191 | 3,622,625 | 3,686,021 | ||||||
Vanguard Health Holdings II, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.75%, 1/29/161 | 3,846,309 | 3,899,196 | ||||||
inVentiv Health, Inc., Sr. Sec Credit Facilities 1st Lien Term Loan, Tranche B, 7.50%, 8/4/161 | 3,167,478 | | 3,143,722 | | ||||
71,048,642 | ||||||||
Pharmaceuticals—0.9% | ||||||||
Catalent Pharma Solutions, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 9/15/171 | 4,709,776 | 4,745,099 | ||||||
Par Pharmaceutical, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 9/30/191 | 2,491,917 | 2,522,797 | ||||||
Pharmaceutical Product Development, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 12/5/181 | 4,374,038 | | 4,435,550 | | ||||
11,703,446 | ||||||||
Industrials—26.1% | ||||||||
Aerospace & Defense—4.2% | ||||||||
AM General LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 10.25%, 3/22/181 | 4,490,000 | 4,436,681 |
16 | OPPENHEIMER MASTER LOAN FUND, LLC |
Principal Amount | Value | |||||||
Aerospace & Defense Continued | ||||||||
DAE Aviation Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B1, 6.25%, 11/2/181 | $ | 2,643,516 | $ | 2,671,603 | ||||
Tranche B2, 6.25%, 11/2/181 | 1,201,405 | 1,214,170 | ||||||
Delta Air Lines, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 4/20/171 | 5,254,975 | 5,321,755 | ||||||
DynCorp International LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 7/7/161 | 3,534,500 | 3,563,218 | ||||||
Evergreen Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 11.50%, 6/30/151 | 10,348,745 | 10,258,194 | ||||||
IAP Worldwide Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 10%, 12/31/151 | 18,215,911 | 13,479,774 | ||||||
LMI Aerospace, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 12/28/181 | 3,990,000 | 4,064,813 | ||||||
Landmark Aviation FBO Canada, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 10/25/191 | 202,825 | 206,120 | ||||||
Landmark Aviation, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 10/25/191 | 1,672,175 | 1,699,348 | ||||||
Sequa Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 6/19/171 | 3,446,363 | 3,505,237 | ||||||
US Airways Group, Inc., Sr. Sec. Credit Facilities Term Loan, 2.705%, 3/21/141 | 1,335,643 | 1,336,144 | ||||||
WP CPP Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 12/28/191 | 2,238,750 | | 2,269,688 | | ||||
54,026,745 | ||||||||
Airlines—0.2% | ||||||||
Delta Air Lines, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5.25%, 10/18/181 | 1,500,000 | 1,525,782 | ||||||
United Airlines, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4%, 3/31/191 | 1,425,000 | | 1,442,368 | | ||||
2,968,150 | ||||||||
Building Products—1.6% | ||||||||
Atrium Cos., Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 10.956%, 4/30/161,3 | 15,285,743 | 15,018,243 | ||||||
CPG International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.75%, 9/21/191 | 5,169,013 | | 5,217,472 | | ||||
20,235,715 | ||||||||
Commercial Services & Supplies—10.2% | ||||||||
Advantage Sales & Marketing LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 12/18/171 | 3,379,800 | 3,431,907 | ||||||
Advantage Sales & Marketing LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 6/17/181 | 923,077 | 939,231 | ||||||
Allied Security Holdings LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.75%, 2/2/181 | 2,525,000 | 2,540,781 |
17 | OPPENHEIMER MASTER LOAN FUND, LLC |
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
Commercial Services & Supplies Continued | ||||||||
Brock Holdings III, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6%-6.658%, 3/16/171 | $ | 6,170,353 | $ | 6,255,195 | ||||
Brock Holdings III, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 3/16/181 | 3,680,000 | 3,730,600 | ||||||
Ceridian Corp., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.953%, 5/9/171 | 4,096,574 | 4,179,787 | ||||||
Corporate Executive Board, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5%, 7/2/191 | 4,159,575 | 4,201,171 | ||||||
EVERTEC, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 9/30/161 | 3,008,713 | 3,016,235 | ||||||
Edmentum, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6%, 5/17/181 | 2,962,500 | 2,984,719 | ||||||
Expert Global Solutions, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8%, 4/3/181 | 4,815,089 | 4,863,239 | ||||||
First Data Corp., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.204%, 3/23/181 | 11,961,525 | 11,945,078 | ||||||
First Data Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche E2, 5.204%, 3/24/171 | 4,864,081 | 4,894,482 | ||||||
GCA Services Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche A, 5.25%, 11/1/191 | 3,721,392 | 3,739,999 | ||||||
GCA Services Group, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche B, 9.25%, 11/1/201 | 2,220,000 | 2,225,550 | ||||||
Infogroup, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 5/26/181 | 690,287 | 630,750 | ||||||
Insight Global, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6%, 10/31/191 | 6,982,500 | 7,034,869 | ||||||
Language Line LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 6/20/161 | 7,476,398 | 7,442,134 | ||||||
Language Line LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.50%, 12/20/161 | 4,440,000 | 4,420,575 | ||||||
NES Rentals Holdings, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 13.25%, 10/20/141 | 555,000 | 550,838 | ||||||
New Breed Logistics, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6%, 10/1/191 | 7,581,000 | 7,652,072 | ||||||
Orbitz Worldwide, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C, 8%, 3/15/191 | 2,929,912 | 2,966,536 | ||||||
Osmose Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.75%, 11/26/181 | 6,912,675 | 6,999,083 | ||||||
Protection One, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 3/21/191 | 4,560,000 | 4,601,802 | ||||||
Sabre, Inc., Sr. Sec. Credit Facilities 1st Lien, Term Loan, Tranche B, 5.25%-6.164%, 2/19/191 | 6,000,000 | 6,086,220 | ||||||
Tervita Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 5/15/181 | 3,340,000 | 3,384,359 |
18 | OPPENHEIMER MASTER LOAN FUND, LLC |
Principal Amount | Value | |||||||
Commercial Services & Supplies Continued | ||||||||
Travelport LLC, Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.056%, 8/23/151 | $ | 2,720,996 | $ | 2,712,493 | ||||
Travelport LLC, Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, 5.056%, 8/23/151 | 5,168,716 | 5,152,564 | ||||||
Travelport LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche S, 5.061%, 8/23/151 | 406,897 | 405,625 | ||||||
U.S. Investigations Services, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.204%, 2/21/151 | 6,842,128 | 6,713,839 | ||||||
WCA Waste Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 3/23/181 | 6,004,350 | | 6,060,641 | | ||||
131,762,374 | ||||||||
Electrical Equipment—2.8% | ||||||||
Applied Systems, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 12/8/161 | 1,234,774 | 1,244,035 | ||||||
Applied Systems, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.50%, 6/8/171 | 1,745,000 | 1,758,088 | ||||||
Attachmate Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.25%, 11/22/171 | 9,453,532 | 9,565,792 | ||||||
Attachmate Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11%, 11/22/181 | 1,065,000 | 1,076,981 | ||||||
CCC Information Services Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 12/20/191 | 189,525 | 192,841 | ||||||
Eagle Parent, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 5/16/181 | 4,194,313 | 4,221,400 | ||||||
Freescale Semiconductor, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 5%, 3/1/201 | 6,504,561 | 6,555,382 | ||||||
OpenLink Financial, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.75%, 10/30/171 | 4,937,500 | 4,960,129 | ||||||
Trizetto Group Inc. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 5/2/181 | 6,655,091 | | 6,711,247 | | ||||
36,285,895 | ||||||||
Industrial Conglomerates—1.5% | ||||||||
Air Distribution Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5%, 11/9/181 | 5,162,063 | 5,245,946 | ||||||
Apex Tool Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 1/31/201 | 5,010,000 | 5,088,281 | ||||||
Hillman Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.25%, 5/28/171 | 5,568,439 | 5,624,123 | ||||||
Sensus USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%-5.671%, 5/9/171 | 3,520,794 | | 3,529,596 | | ||||
19,487,946 | ||||||||
Machinery—2.1% | ||||||||
Alliance Laundry Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 12/10/181 | 1,989,873 | 2,003,554 |
19 | OPPENHEIMER MASTER LOAN FUND, LLC |
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
Machinery Continued | ||||||||
CPM Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 8/29/171 | $ | 3,711,350 | $ | 3,746,144 | ||||
Milacron LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.25%, 3/12/201 | 1,840,000 | 1,860,700 | ||||||
Pelican Products, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7%, 7/11/181 | 3,384,425 | 3,392,886 | ||||||
Rexnord LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 4/1/181 | 1,963,866 | 1,987,587 | ||||||
Schrader International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 4/27/181 | 2,238,750 | 2,283,525 | ||||||
Silver II Borrower SARL, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4%, 12/13/191 | 4,009,950 | 4,041,813 | ||||||
Veyance Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.25%, 9/15/171 | 7,500,000 | | 7,540,628 | | ||||
26,856,837 | ||||||||
Marine—1.1% | ||||||||
Autoparts Holdings Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.50%, 7/29/171 | 3,802,823 | 3,858,279 | ||||||
Commercial Barge Line Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.50%, 7/31/201 | 4,890,000 | 4,902,225 | ||||||
Commercial Barge Line Co., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.75%, 3/8/201 | 335,000 | 330,813 | ||||||
Navistar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7%, 8/17/171 | 2,218,050 | 2,247,353 | ||||||
Navistar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.75%, 8/17/171 | 2,700,000 | | 2,733,750 | | ||||
14,072,420 | ||||||||
Road & Rail—0.9% | ||||||||
American Petroleum Tankers Holdings, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 9/15/191 | 960,000 | 962,400 | ||||||
Swift Transportation Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4%, 12/21/171 | 3,440,966 | 3,494,731 | ||||||
U.S. Xpress Enterprises, Inc., Sr. Sec. Credit Facilities Term Loan, 7.50%, 10/12/141 | 5,328,069 | 5,248,149 | ||||||
Wabash National Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6%, 5/8/191 | 2,444,527 | | 2,481,195 | | ||||
12,186,475 | ||||||||
Trading Companies & Distributors—1.5% | ||||||||
International Lease Finance Corp./Delos Aircraft, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 4/12/161 | 3,125,000 | 3,148,438 | ||||||
JG Wentworth, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9%, 2/8/191 | 1,750,000 | 1,750,000 | ||||||
Ocwen Financial Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5%, 2/15/181 | 4,720,000 | 4,802,600 |
20 | OPPENHEIMER MASTER LOAN FUND, LLC |
Principal Amount | Value | |||||||
Trading Companies & Distributors Continued | ||||||||
iStar Financial, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche A2, 7%, 3/19/171 | $ | 3,390,000 | $ | 3,612,468 | ||||
iStar Financial, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 10/15/171 | 5,632,721 | | 5,678,486 | | ||||
18,991,992 | ||||||||
Information Technology—4.5% | ||||||||
Communications Equipment—0.2% | ||||||||
Blue Coat Systems, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.75%, 2/15/181 | 2,388,000 | 2,422,328 | ||||||
Electronic Equipment, Instruments & Components—0.4% | ||||||||
Kronos, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.50%, 10/30/191 | 4,626,300 | 4,685,688 | ||||||
Kronos, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.75%, 4/30/201 | 165,000 | | 172,838 | | ||||
4,858,526 | ||||||||
Internet Software & Services—0.8% | ||||||||
Avaya, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 4.788%, 10/26/171 | 2,627,399 | 2,483,803 | ||||||
Avaya, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B5, 8%, 3/31/181 | 6,331,083 | 6,383,985 | ||||||
Hyland Software, Inc., Sr. Sec. Credit Facilities 1st Lien Term, Tranche B, 5.50%, 10/25/191 | 1,995,000 | | 2,012,456 | | ||||
10,880,244 | ||||||||
IT Services—1.5% | ||||||||
Sophia LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 7/19/181 | 1,299,264 | 1,320,579 | ||||||
Vertafore, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 10/20/191 | 9,165,000 | 9,142,088 | ||||||
Vertafore, Inc., Sr. Sec Credit Facilities 1st Lien Term Loan, 5.25%, 7/29/161 | 9,102,094 | | 9,198,803 | | ||||
19,661,470 | ||||||||
Software—1.6% | ||||||||
Blackboard, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 6.25%, 10/4/181 | 3,778,031 | 3,829,979 | ||||||
Deltek, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5%, 10/10/181 | 2,194,500 | 2,221,931 | ||||||
Deltek, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 10/10/191 | 1,395,000 | 1,419,849 | ||||||
EZE Castle Software, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 3/31/191 | 1,250,000 | 1,267,188 | ||||||
Infor US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 5.25%, 4/5/181 | 6,242,713 | 6,358,465 | ||||||
Petroleum Place, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6%, 11/20/181 | 4,378,000 | 4,421,780 | ||||||
RP Crown Parent LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.75%, 12/21/181 | 1,481,288 | | 1,512,765 | | ||||
21,031,957 |
21 | OPPENHEIMER MASTER LOAN FUND, LLC |
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
Materials—7.7% | ||||||||
Chemicals—3.6% | ||||||||
AI Chem & Cy SCA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 9/12/191 | $ | 1,705,000 | $ | 1,711,394 | ||||
Ascend Performance Materials LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.75%, 4/10/181 | 3,861,000 | 3,947,873 | ||||||
Chemtura Corp., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, Tranche B, 5.50%, 8/29/161 | 2,731,000 | 2,771,965 | ||||||
Cristal Inorganic Chemicals, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 6.034%, 11/15/141 | 542,609 | 543,852 | ||||||
DuPont Performance Coatings, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.75%, 2/1/201 | 2,865,000 | 2,906,348 | ||||||
Houghton International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5%, 12/20/191 | 3,506,213 | 3,563,918 | ||||||
Houghton International, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.50%, 12/21/201 | 1,200,000 | 1,222,500 | ||||||
Ineos US Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.50%, 5/4/181 | 4,101,341 | 4,171,835 | ||||||
K2 Pure Solutions NoCal LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 10.356%, 9/10/151 | 4,247,838 | 4,247,838 | ||||||
Nexeo Solutions LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: | ||||||||
Tranche B, 5%, 9/8/171 | 1,166,014 | 1,171,844 | ||||||
Tranche B, 5%, 9/9/171 | 4,253,625 | 4,270,460 | ||||||
PQ Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 8/7/171 | 6,129,637 | 6,202,609 | ||||||
Tronox, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%, 2/8/181 | 3,680,000 | 3,703,765 | ||||||
Univar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5%, 6/30/171 | 5,580,745 | | 5,643,032 | | ||||
46,079,233 | ||||||||
Construction Materials—0.5% | ||||||||
Grohe Holding GmbH, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.75%, 5/18/171 | 4,550,500 | 4,631,758 | ||||||
Roofing Supply Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5%, 5/31/191 | 2,487,500 | | 2,525,591 | | ||||
7,157,349 | ||||||||
Containers & Packaging—1.1% | ||||||||
Consolidated Container Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5%, 7/3/191 | 7,655,428 | 7,768,346 | ||||||
Reynolds Group Holdings Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 9/28/181 | 5,781,349 | | 5,872,197 | | ||||
13,640,543 | ||||||||
Metals & Mining—2.4% | ||||||||
Aleris International, Inc., Sr. Sec. Credit Facilities Term Loan, 2.408%, 12/19/132 | 837,221 | 84 | ||||||
Arch Coal, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.75%, 5/16/181 | 10,395,260 | 10,582,375 |
22 | OPPENHEIMER MASTER LOAN FUND, LLC |
Principal Amount | Value | |||||||
Metals & Mining Continued | ||||||||
Constellium Holdco BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 3/31/201 | $ | 2,340,000 | $ | 2,404,350 | ||||
Fairmount Minerals Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 3/15/171 | 3,705,000 | 3,733,558 | ||||||
Fortescue Metals Group Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 10/18/171 | 6,353,038 | 6,435,856 | ||||||
Noranda Aluminum Acquisition Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 2/28/191 | 4,950,000 | 5,033,531 | ||||||
Patriot Coal Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession, 9.25%, 12/31/131 | 3,058,077 | | 3,084,835 | | ||||
31,274,589 | ||||||||
Paper & Forest Products—0.1% | ||||||||
Berlin Packaging LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.75%, 3/29/191 | 1,380,000 | 1,394,663 | ||||||
Berlin Packaging LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.75%, 3/27/201 | 490,000 | | 487,550 | | ||||
1,882,213 | ||||||||
Telecommunication Services—4.3% | ||||||||
Diversified Telecommunication Services—3.7% | ||||||||
Endurance International Group, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25%, 11/9/191 | 7,436,362 | 7,501,593 | ||||||
Endurance International Group, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.25%, 5/9/201 | 5,455,000 | 5,482,275 | ||||||
Fairpoint Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.50%, 2/14/191 | 6,770,000 | 6,670,332 | ||||||
IPC Systems, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.75%, 7/31/171 | 9,902,326 | 9,852,815 | ||||||
Integra Telecom, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6%, 2/22/191 | 3,365,000 | 3,416,736 | ||||||
Integra Telecom, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.75%, 2/28/211 | 1,080,000 | 1,112,738 | ||||||
Level 3 Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.25%, 8/1/191 | 3,135,000 | 3,178,890 | ||||||
Level 3 Financing, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B II, 4.685%, 8/1/191 | 7,055,000 | 7,143,921 | ||||||
U.S. TelePacific Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 2/23/171 | 2,831,550 | | 2,832,436 | | ||||
47,191,736 | ||||||||
Wireless Telecommunication Services—0.6% | ||||||||
Cricket Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, Tranche C, 4.75%, 7/30/201 | 5,280,000 | 5,320,424 | ||||||
NTELOS, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 11/9/191 | 2,859,391 | | 2,811,733 | | ||||
8,132,157 |
23 | OPPENHEIMER MASTER LOAN FUND, LLC |
STATEMENT OF INVESTMENTS Unaudited / Continued
Principal Amount | Value | |||||||
Utilities—2.8% | ||||||||
Electric Utilities—2.8% | ||||||||
Entegra Holdings LLC, Sr. Sec. Credit Facilities 3rd Lien Term Loan, Tranche B, 3.519%, 10/19/151,3 | $ | 2,968,784 | $ | 1,662,519 | ||||
La Paloma Generating Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7%, 8/25/171 | 5,929,388 | 5,988,681 | ||||||
La Paloma Generating Co. LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.25%, 8/25/181 | 1,270,000 | 1,266,825 | ||||||
MACH Gen LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 5.572%, 2/22/151,3 | 3,476,629 | 2,368,453 | ||||||
Texas Competitive Electric Holdings Co. LLC, Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.702%-4.792%, 10/10/171 | 27,204,044 | 19,382,746 | ||||||
Texas Competitive Electric Holdings Co. LLC, Non-Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.702%-3.792%, 10/10/141 | 7,365,000 | | 5,433,984 | | ||||
| 36,103,208 | | ||||||
Total Corporate Loans (Cost $1,240,936,288) | 1,253,382,742 | |||||||
Corporate Bonds and Notes—2.1% | ||||||||
Antero Resources Finance Corp., 6% Sr. Unsec. Nts., 12/1/204 | 1,015,000 | 1,065,750 | ||||||
Catalyst Paper Corp., 11.995% Sr. Sec. Nts., 10/30/173 | 1,901,168 | 1,520,934 | ||||||
Claire’s Stores, Inc., 9% Sr. Sec. Nts., 3/15/194 | 550,000 | 624,250 | ||||||
Drill Rigs Holdings, Inc., 6.50% Sr. Sec. Nts., 10/1/174 | 1,010,000 | 1,025,150 | ||||||
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.75% Sec. Nts., 3/1/224 | 2,640,000 | 3,049,200 | ||||||
GenCorp, Inc., 7.125% Sec. Nts., 3/15/214 | 895,000 | 948,700 | ||||||
Hexion US Finance Corp., 6.625% Sr. Sec. Nts., 4/15/204 | 3,150,000 | 3,173,625 | ||||||
Inergy Midstream LP/Finance Corp., 6% Sr. Unsec. Nts., 12/15/204 | 1,390,000 | 1,452,550 | ||||||
Jaguar Land Rover plc, 5.625% Sr. Unsec. Nts., 2/1/234 | 85,000 | 88,719 | ||||||
PQ Corp., 8.75% Sr. Sec. Nts., 5/1/184 | 2,435,000 | 2,605,450 | ||||||
Tenet Healthcare Corp., 4.50% Sr. Sec. Nts., 4/1/214 | 525,000 | 515,813 | ||||||
UPCB Finance VI Ltd., 6.875% Sr. Sec. Nts., 1/15/224 | 2,500,000 | 2,731,250 | ||||||
Verso Paper Holdings LLC/Verso Paper, Inc.: | ||||||||
11.75% Sr. Sec. Nts., 1/15/19 | 1,300,000 | 1,066,000 | ||||||
11.75% Sr. Sec. Nts., 1/15/19 | 4,035,000 | 4,398,150 | ||||||
Western Express, Inc., 12.50% Sr. Sec. Nts., 4/15/154 | 3,120,000 | | 2,293,200 | | ||||
Total Corporate Bonds and Notes (Cost $25,902,801) | 26,558,741 | |||||||
Shares | ||||||||
Preferred Stocks—0.0% | ||||||||
Alpha Media Group, Inc., Preferred5 (Cost $0) | 105 | — |
24 | OPPENHEIMER MASTER LOAN FUND, LLC |
Shares | Value | |||||||
Common Stocks—1.0% | ||||||||
Alpha Media Group, Inc.5 | 784 | $ | — | |||||
Cinram International Income Fund5 | 16,132,097 | — | ||||||
Levlad LLC5 | 7,730 | 23,189 | ||||||
Young Broadcasting, Inc., Cl. A5,6 | 3,597 | | 13,488,750 | | ||||
Total Common Stocks (Cost $8,056,091) | 13,511,939 | |||||||
Units | ||||||||
Rights, Warrants and Certificates—0.7% | ||||||||
ION Media Networks, Inc. Wts., Strike Price $0.01, Exp. 12/18/165 | 6,081 | 4,256,700 | ||||||
Young Broadcasting, Inc. Wts., Strike Price $0.01, Exp. 12/24/245,6 | 1,378 | | 5,167,500 | | ||||
Total Rights, Warrants and Certificates (Cost $4,520,158) | 9,424,200 | |||||||
Shares | ||||||||
Investment Company—4.9% | ||||||||
Oppenheimer Institutional Money Market Fund, Cl. E, 0.14%6,7 (Cost $63,641,274) | 63,641,274 | 63,641,274 | ||||||
Total Investments, at Value (Cost $1,343,056,612) | 105.7 | % | 1,366,518,896 | |||||
Liabilities in Excess of Other Assets | (5.7 | ) | (74,100,037 | ) | ||||
Net Assets | 100.0 | % | $ | 1,292,418,859 | ||||
Footnotes to Statement of Investments
* March 28, 2013 represents the last day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
1. Represents the current interest rate for a variable or increasing rate security.
2. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.
3. Interest or dividend is paid-in-kind, when applicable.
4. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $19,573,657 or 1.51% of the Fund’s net assets as of March 28, 2013.
5. Non-income producing security.
6. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 28, 2013, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:
Shares/Units September 28, 2012a | Gross Additions | Gross Reductions | Shares/Units March 28, 2013 | |||||||||||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | 77,763,778 | 570,310,150 | 584,432,654 | 63,641,274 | ||||||||||||||||
Young Broadcasting, Inc., Cl. A | 3,899 | — | 302 | 3,597 | ||||||||||||||||
Young Broadcasting, Inc. Wts., Strike Price $0.01, Exp. 12/24/24 | 1,494 | — | 116 | 1,378 |
25 | OPPENHEIMER MASTER LOAN FUND, LLC |
STATEMENT OF INVESTMENTS Unaudited / Continued
Footnotes to Statement of Investments Continued
Value | Income | Realized Gain | |||||||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | $ | 63,641,274 | $ | 63,229 | $ | — | |||||||||
Young Broadcasting, Inc., Cl. A | 13,488,750 | — | 597,583 | ||||||||||||
Young Broadcasting, Inc. Wts., Strike Price $0.01, Exp. 12/24/24 | 5,167,500 | — | 232,000 | ||||||||||||
$ | 82,297,524 | $ | 63,229 | $ | 829,583 | ||||||||||
a. September 28, 2012 represents the last business day of the Fund's 2012 fiscal year. See Note 1 of the accompanying Notes
7. Rate shown is the 7-day yield as of March 28, 2013.
See accompanying Notes to Financial Statements.
26 | OPPENHEIMER MASTER LOAN FUND, LLC |
STATEMENT OF ASSETS AND LIABILITIES March 28, 20131 (Unaudited)
Assets | ||||
Investments, at value—see accompanying statement of investments: | ||||
Unaffiliated companies (cost $1,269,274,713) | $ | 1,284,221,372 | ||
Affiliated companies (cost $73,781,899) | | 82,297,524 | | |
1,366,518,896 | ||||
Cash | 14,938,262 | |||
Receivables and other assets: | ||||
Investments sold | 21,831,766 | |||
Interest, dividends and principal paydowns | 7,854,552 | |||
Other | | 37,510 | | |
Total assets | 1,411,180,986 | |||
Liabilities | ||||
Payables and other liabilities: | ||||
Investments purchased | 117,672,107 | |||
Shares of beneficial interest redeemed | 44,351 | |||
Trustees’ compensation | 18,239 | |||
Shareholder communications | 2,696 | |||
Other | | 1,024,734 | | |
Total liabilities | 118,762,127 | |||
Net Assets—applicable to 95,967,371 shares of beneficial interest outstanding | $ | 1,292,418,859 | | |
Net Asset Value, Redemption Price Per Share and Offering Price Per Share | $13.47 |
1. March 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
See accompanying Notes to Financial Statements.
27 | OPPENHEIMER MASTER LOAN FUND, LLC |
STATEMENT OF OPERATIONS For the Six Months Ended March 28, 20131 (Unaudited)
Investment Income | ||||
Interest | $ | 69,371,263 | ||
Dividends from affiliated companies | 63,229 | |||
Other income | | 396,726 | | |
Total investment income | 69,831,218 | |||
Expenses | ||||
Management fees | 2,838,560 | |||
Shareholder communications | 8,747 | |||
Custodian fees and expenses | 229,456 | |||
Trustees’ compensation | 29,951 | |||
Other | | 115,256 | | |
Total expenses | 3,221,970 | |||
Less waivers and reimbursements of expenses | | (36,180 | ) | |
Net expenses | 3,185,790 | |||
Net Investment Income | 66,645,428 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain on investments from: | ||||
Unaffiliated companies | 15,293,266 | |||
Affiliated companies | | 829,583 | | |
Net realized gain | 16,122,849 | |||
Net change in unrealized appreciation/depreciation on: | ||||
Investments | 423,511 | |||
Translation of assets and liabilities denominated in foreign currencies | | (22,222 | ) | |
Net change in unrealized appreciation/depreciation | 401,289 | |||
Net Increase in Net Assets Resulting from Operations | $ | 83,169,566 | |
1. March 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
See accompanying Notes to Financial Statements.
28 | OPPENHEIMER MASTER LOAN FUND, LLC |
STATEMENTS OF CHANGES IN NET ASSETS
Six Months Ended March 28, 20131 (Unaudited) | Year Ended September 28, 20121 | |||||||
Operations | ||||||||
Net investment income | $ | 66,645,428 | $ | 142,848,380 | ||||
Net realized gain (loss) | 16,122,849 | (20,159,330 | ) | |||||
Net change in unrealized appreciation/depreciation | | 401,289 | | | 99,028,367 | | ||
Net increase in net assets resulting from operations | 83,169,566 | 221,717,417 | ||||||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Proceeds from contributions | 224,397,870 | 307,778,373 | ||||||
Payments for withdrawals | | (1,127,490,391 | ) | | (359,203,397 | ) | ||
(903,092,521 | ) | (51,425,024 | ) | |||||
Net Assets | ||||||||
Total increase (decrease) | (819,922,955 | ) | 170,292,393 | |||||
Beginning of period | | 2,112,341,814 | | | 1,942,049,421 | | ||
End of period | $ | 1,292,418,859 | | $ | 2,112,341,814 | |
1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.
See accompanying Notes to Financial Statements.
29 | OPPENHEIMER MASTER LOAN FUND, LLC |
Six Months Ended March 28, 20131 | Year Ended Sept. 28, | Year Ended Sept. 30, | Year Ended Sept. 30, | Year Ended Sept. 30, | Period Ended Sept. 30, | |||||||||||||||||||
(Unaudited) | 20121 | 2011 | 2010 | 2009 | 20082 | |||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.88 | $ | 11.56 | $ | 11.14 | $ | 9.96 | $ | 9.35 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income3 | .40 | .86 | .93 | .92 | .76 | .68 | ||||||||||||||||||
Net realized and unrealized gain (loss) | | .19 | | | .46 | | | (.51 | ) | | .26 | | | (.15 | ) | | (1.33 | ) | ||||||
Total from investment operations | .59 | 1.32 | .42 | 1.18 | .61 | (.65 | ) | |||||||||||||||||
Net asset value, end of period | $ | 13.47 | | $ | 12.88 | | $ | 11.56 | | $ | 11.14 | | $ | 9.96 | | $ | 9.35 | | ||||||
Total Return, at Net Asset Value4 | 4.58 | % | 11.42 | % | 3.77 | % | 11.85 | % | 6.52 | % | (6.50 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $1,292,419 | $2,112,342 | $1,942,049 | $1,838,087 | $1,073,069 | $534,056 | ||||||||||||||||||
Average net assets (in thousands) | $1,896,067 | $2,045,550 | $2,048,386 | $1,449,988 | $ 613,182 | $523,536 | ||||||||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income | 7.05 | % | 6.98 | % | 7.91 | % | 8.68 | % | 8.84 | % | 7.56 | % | ||||||||||||
Total expenses6 | 0.34 | % | 0.33 | % | 0.34 | % | 0.36 | % | 0.36 | % | 0.39 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.34 | % | 0.33 | % | 0.34 | % | 0.35 | % | 0.35 | % | 0.37 | % | ||||||||||||
Portfolio turnover rate | 52 | % | 60 | % | 67 | % | 72 | % | 56 | % | 53 | % |
1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund's respective reporting periods. See Note 1 of the accompanying Notes.
2. For the period from October 31, 2007 (commencement of operations) to September 30, 2008.
3. Per share amounts calculated based on the average shares outstanding during the period.
4. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
5. Annualized for periods less than one full year.
6. Total expenses including indirect expenses from affiliated fund were as follows:
Six Months Ended March 28, 2013 | 0.34 | % | ||
Year Ended September 28, 2012 | 0.33 | % | ||
Year Ended September 30, 2011 | 0.34 | % | ||
Year Ended September 30, 2010 | 0.37 | % | ||
Year Ended September 30, 2009 | 0.37 | % | ||
Period Ended September 30, 2008 | 0.41 | % |
See accompanying Notes to Financial Statements.
30 | OPPENHEIMER MASTER LOAN FUND, LLC |
NOTES TO FINANCIAL STATEMENTS Unaudited
1. Significant Accounting Policies
Oppenheimer Master Loan Fund, LLC (the “Fund”) is organized as a Delaware limited liability company and registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Fund’s investment objective is to seek as high a level of current income and preservation of capital as is consistent with investing primarily in loans and other debt securities. The Fund’s investment adviser was OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”), through December 31, 2012. Effective January 1, 2013, the Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OFI. The Manager has entered into a sub-advisory agreement with OFI, as of the same effective date.
As of March 28, 2013, approximately 100% of the shares of the Fund were owned by the Manager, other funds advised or sub-advised by the Manager or an affiliate of the Manager.
Shares of the Fund are issued solely in private placement transactions that do not involve any “public offering” within the meaning of Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”). Investments in the Fund may only be made by certain “accredited investors” within the meaning of Regulation D under the Securities Act, including other investment companies. The Fund currently offers one class of shares.
For federal income tax purposes, the Fund qualifies as a partnership, and each investor in the Fund is treated as the owner of its proportionate share of the net assets, income, expenses, and realized and unrealized gains and losses of the Fund. Accordingly, as a “pass-through” entity, the Fund pays no dividends or capital gain distributions.
The following is a summary of significant accounting policies consistently followed by the Fund.
Semiannual and Annual Periods. The last day of the Fund’s semiannual period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.
The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.
Loans. Under normal market conditions, the Fund will invest at least 80% of its net assets in loans made to U.S. and foreign borrowers that are corporations, partnerships or other business entities. The Fund will do so directly as an original lender or by assignment or indirectly through participation agreements or certain derivative instruments. While many of these loans will be collateralized, the Fund can also invest in uncollateralized loans. Loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancing of borrowers. The loans often pay interest at rates that float above (or are adjusted periodically based on) a benchmark that reflects current interest rates although the Fund can also invest in loans with fixed interest rates.
31 | OPPENHEIMER MASTER LOAN FUND, LLC |
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
1. Significant Accounting Policies Continued
As of March 28, 2013, securities with an aggregate market value of $1,253,382,742, representing 97% of the Fund’s net assets were comprised of loans.
Securities on a When-Issued or Delayed Delivery Basis. The Fund purchases and sells interests in Senior Loans and other portfolio securities on a “when issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.
Credit Risk. Loans and debt securities are subject to credit risk. Credit risk relates to the ability of the borrower under a loan or issuer of a debt to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers subsequently miss an interest payment. Information concerning securities not accruing income as of March 28, 2013 is as follows:
Cost | $ | 15,488,420 | ||
Market Value | $ | 6,496,269 | ||
Market Value as a % of Net Assets | 0.50% |
Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to IMMF. When applicable, the Fund’s investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF’s Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF.
32 | OPPENHEIMER MASTER LOAN FUND, LLC |
Foreign Currency Translation. The Fund’s accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees.
Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates.
The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund’s Statement of Operations.
Federal Taxes. The Fund, as an entity, will not be subject to U.S. federal income tax. The Fund will be treated for U.S. federal income tax purposes as a partnership, and not as an association taxable as a corporation. Therefore, a tax provision is not required. Each shareholder is required for U.S. federal income tax purposes to take into account, in its taxable year with which (or within which a taxable year of the Fund ends), its distributive share of all items of Fund income, gains, losses, and deductions for such taxable year of the Fund. A shareholder must take such items into account even if the Fund does not distribute cash or other property to such shareholder during its taxable year.
Although the Fund is treated as a partnership for Federal tax purposes, it is intended that the Fund’s assets, income and distributions will be managed in such a way that investment in the Fund would not cause an investor that is a regulated investment company under Subchapter M of the Code (“RIC”) to fail that qualification.
Trustees’ Compensation. The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets
33 | OPPENHEIMER MASTER LOAN FUND, LLC |
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
1. Significant Accounting Policies Continued
of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.
Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.
Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.
Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.
Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
2. Securities Valuation
The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.
34 | OPPENHEIMER MASTER LOAN FUND, LLC |
The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.
Valuation Methods and Inputs
Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.
The following methodologies are used to determine the market value or the fair value of the types of securities described below:
Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.
Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.
Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.
Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and
35 | OPPENHEIMER MASTER LOAN FUND, LLC |
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
2. Securities Valuation Continued
“asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.
A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.
Security Type | Standard inputs generally considered by third-party pricing vendors | |
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities | Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors. | |
Loans | Information obtained from market participants regarding reported trade data and broker-dealer price quotations. | |
Event-linked bonds | Information obtained from market participants regarding reported trade data and broker-dealer price quotations. |
If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.
To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such
36 | OPPENHEIMER MASTER LOAN FUND, LLC |
methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.
Classifications
Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:
1) | Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) |
2) | Level 2—inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) |
3) | Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability). |
The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.
The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of March 28, 2013 based on valuation input level:
Level 1— Unadjusted Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Value | |||||||||||||||||
Assets Table | ||||||||||||||||||||
Investments, at Value: | ||||||||||||||||||||
Corporate Loans | $ | — | $ | 1,253,382,658 | $ | 84 | $ | 1,253,382,742 | ||||||||||||
Corporate Bonds and Notes | — | 26,558,741 | — | 26,558,741 | ||||||||||||||||
Preferred Stocks | — | — | — | — | ||||||||||||||||
Common Stocks | — | 23,189 | 13,488,750 | 13,511,939 | ||||||||||||||||
Rights, Warrants and Certificates | — | — | 9,424,200 | 9,424,200 | ||||||||||||||||
Investment Company | 63,641,274 | — | — | 63,641,274 | ||||||||||||||||
Total Assets | $ | 63,641,274 | $ | 1,279,964,588 | $ | 22,913,034 | $ | 1,366,518,896 | ||||||||||||
Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.
37 | OPPENHEIMER MASTER LOAN FUND, LLC |
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
2. Securities Valuation Continued
The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value:
Value as of September 28, 2012 | Realized gain (loss) | Change in unrealized appreciation | Accretion/ (amortization) of premium/ discounta | Sales | Transfers into Level 3b | Value as of March 28, 2013 | ||||||||||||||||||||||
Assets Table | ||||||||||||||||||||||||||||
Investments, at Value: | ||||||||||||||||||||||||||||
Corporate Loans | $ | 84 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 84 | ||||||||||||||
Corporate Bonds and Notes | 43,310 | (1,850 | ) | 1,642 | (230 | ) | (42,872 | ) | — | — | ||||||||||||||||||
Common Stocks | 13,061,650 | 622,390 | 1,202,561 | — | (3,739,350 | ) | 2,341,499 | 13,488,750 | ||||||||||||||||||||
Rights, Warrants and Certificates | 9,489,638 | 232,000 | 166,561 | — | (463,999 | ) | — | 9,424,200 | ||||||||||||||||||||
Total Assets | $ | 22,594,682 | $ | 852,540 | $ | 1,370,764 | $ | (230 | ) | $ | (4,246,221 | ) | $ | 2,341,499 | $ | 22,913,034 | ||||||||||||
a. Included in net investment income.
b. Transferred from Level 2 to Level 3 because of the lack of observable market data.
The total change in unrealized appreciation/depreciation included in the Statement of Operations attributable to level 3 investments still held at March 28, 2013 includes:
Change in unrealized appreciation | ||||
Common Stocks | $ | 1,037,518 | ||
Rights, Warrants and Certificates | 166,561 | |||
Total | $ | 1,204,079 | ||
The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 as of March 28, 2013:
Value as of March 28, 2013 | Valuation Technique | Unobservable input | Range of Unobservable Inputs | Unobservable Input Used | ||||||||||||||||
Assets Table | ||||||||||||||||||||
Investments, at Value: | ||||||||||||||||||||
Common Stock | $ | 13,488,750 | Broker quote | | Broker Bid and Ask | | N/A | N/Aa | ||||||||||||
Loan assignment | 84 | | Estimated Recovery proceeds | | Nominal value | N/A | 0.01 | % parb | ||||||||||||
Warrants | 5,167,500 | Broker quote | | Broker Bid and Ask | | N/A | N/Aa | |||||||||||||
Warrants | 4,256,700 | Broker quote | | Broker Mean of Bid and Ask | | N/A | N/Aa | |||||||||||||
Total | $ | 22,913,034 | ||||||||||||||||||
38 | OPPENHEIMER MASTER LOAN FUND, LLC |
a. Securities classified as Level 3 whose unadjusted values were provided by a pricing service or broker-dealer for which such inputs are unobservable. The Manager periodically reviews pricing vendor and broker methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service or broker.
b. The Fund fair values certain loan assignments for which the company has been reorganized through bankruptcy using a nominal value to reflect the low probability of future distributions. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security's fair valuation.
3. Shares of Beneficial Interest
The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows:
Six Months Ended March 28, 2013 | Year Ended September 28, 2012 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Contributions | 17,157,106 | $ | 224,397,870 | 24,864,897 | $ | 307,778,373 | ||||||||||
Withdrawals | (85,174,455 | ) | (1,127,490,391 | ) | (28,949,768 | ) | (359,203,397 | ) | ||||||||
Net decrease | (68,017,349 | ) | $ | (903,092,521 | ) | (4,084,871 | ) | $ | (51,425,024 | ) | ||||||
4. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended March 28, 2013, were as follows:
Purchases | Sales | |||||||
Investment securities | $ | 920,204,188 | $ | 1,683,279,121 |
5. Fees and Other Transactions with Affiliates
Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate of 0.30%.
Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.
Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of OFI, acted as the transfer and shareholder servicing agent for the Fund through December 31, 2012. Effective January 1, 2013, OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund.
Sub-Transfer Agent Fees. Effective January 1, 2013, the Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI, (the “Sub-Transfer Agent”) to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an
39 | OPPENHEIMER MASTER LOAN FUND, LLC |
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
5. Fees and Other Transactions with Affiliates Continued
annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.
Waivers and Reimbursements of Expenses. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF. During the six months ended March 28, 2013, the Manager waived fees and/or reimbursed the Fund $36,180 for IMMF management fees.
Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.
6. Loan Commitments
Pursuant to the terms of certain credit agreements, the Fund has unfunded loan commitments of $535,273 at March 28, 2013. The Fund generally will maintain with its custodian, liquid investments having an aggregate value at least equal to the par value of unfunded loan commitments. At March 28, 2013, these commitments have a market value of $425,954 and have been included as Corporate Loans in the Statement of Investments.
7. Pending Litigation
Since 2009, a number of class action lawsuits have been pending in federal courts against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits.
Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against OFI and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of OFI and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and
40 | OPPENHEIMER MASTER LOAN FUND, LLC |
awards of attorneys’ fees and litigation expenses. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. The settlement does not resolve other outstanding lawsuits against OFI and its affiliates relating to BLMIS.
On April 16, 2010, a lawsuit was filed in New York state court against (i ) OFI, (ii) an affiliate of OFI and (iii) AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract and common law fraud claims against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On April 11, 2013, the court granted defendants’ motion for summary judgment, dismissing plaintiffs’ fraud claim with prejudice and dismissing their contract claim without prejudice, and granted plaintiffs leave to replead their contract claim to assert a cause of action for specific performance within 30 days. The court’s decision is subject to appeal. On July 15, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract and common law fraud claims against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.
OFI believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, OFI believes that these suits should not impair the ability of OFI or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer mutual funds.
41 | OPPENHEIMER MASTER LOAN FUND, LLC |
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Householding—Delivery of Shareholder Documents
This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.
Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.
42 | OPPENHEIMER MASTER LOAN FUND, LLC |
OPPENHEIMER MASTER LOAN FUND, LLC
© 2013 OppenheimerFunds, Inc. All rights reserved.
43 | OPPENHEIMER MASTER LOAN FUND, LLC |
As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.
Information Sources
We obtain nonpublic personal information about our shareholders from the following sources:
l | Applications or other forms |
l | When you create a user ID and password for online account access |
l | When you enroll in eDocs Direct, our electronic document delivery service |
l | Your transactions with us, our affiliates or others |
l | A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited |
l | When you set up challenge questions to reset your password online |
If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.
We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.
If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.
We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.
Protection of Information
We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.
Disclosure of Information
We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.
Right of Refusal
We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.
Internet Security and Encryption
In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website.
44 | OPPENHEIMER MASTER LOAN FUND, LLC |
PRIVACY POLICY
As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.
We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.
l | All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format. |
l | Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data. |
l | You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser. |
Other Security Measures
We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.
How You Can Help
You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.
Who We Are
This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., and each of its financial institution subsidiaries, the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated November 2012. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).
45 | OPPENHEIMER MASTER LOAN FUND, LLC |
INFORMATION AND SERVICES
General Information
Representatives also available Mon–Fri 8am–8pm ET
1.800.CALL OPP (1.800.225.5677)
Written Correspondence and Transaction Requests
OppenheimerFunds Services
P.O. Box 5270, Denver, CO 80217-5270
For Overnight Delivery
OppenheimerFunds Services
12100 East Iliff Avenue, Suite 300
Aurora, CO 80014
RS1241.001.0313 May 20, 2013
Item 2. Code of Ethics.
Not applicable to semiannual reports.
Item 3. Audit Committee Financial Expert.
Not applicable to semiannual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable to semiannual reports.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments.
a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards
None
Item 11. Controls and Procedures.
Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 3/28/2013, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a) | (1) Not applicable to semiannual reports. |
(2) Exhibits attached hereto.
(3) Not applicable.
(b) | Exhibit attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer Master Loan Fund, LLC
By: | /s/ William F. Glavin, Jr. | |
William F. Glavin, Jr. | ||
Principal Executive Officer | ||
Date: | 5/8/2013 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ William F. Glavin, Jr. | |
William F. Glavin, Jr. | ||
Principal Executive Officer | ||
Date: | 5/8/2013 | |
By: | /s/ Brian W. Wixted | |
Brian W. Wixted | ||
Principal Financial Officer | ||
Date: | 5/8/2013 |